On this page Surrey pension Act Now discusses the reasons why divestment is the only viable strategy for holders of fossil fuel assets, why the former Surrey Pension Fund Committee has been failing Surrey residents - particularly young constituents whose future is dependent on a habitable planet - and assesses the performance of the committee in its handling of the Fund.
ASSESSING SURREY PENSION FUND
This is our report into the performance of the former Surrey Pension Fund committee to May 2021.
Unfortunately, it doesn't make for comforting reading when you scratch the surface of the former committee's decision making, which was without strategy, and without consideration to the long term impact of decision making or their fiduciary duty to young pension holders.
FINANCIAL CASE FOR DIVESTMENT
Members of Divest Surrey began asking Surrey Pension Fund to divest fossil fuel assets more than 4 years ago. At every step, the former committee refused to properly consider this as an option.
Unfortunately for local residents with a Surrey pension, the result of this inaction is that the fund is now £125 million worse off than it would have been had it ditched fossil fuels when we began asking.
Those appointed to the former SPF committee chose ideology over evidence. That decision has cost residents more than Surrey County Council's horrifying cuts to public health, education, and environment combined over the last 10 years!
SHARES WE DON'T WANT
It's not rocket science - ditch shares which aren't performing.
Yet the former Surrey Pension Fund committee has stubbornly refused to do this, despite the fossil fuel sector being the worst performing of any S&P sector for the last decade!!
What are these councillors thinking? Is it ideology, poor advice from fund managers, incompetence, or a little of each?
With a new committee in place, we hope the new councillors have the common sense to see that shares which have in essence lost residents money, combined with a clear and compelling moral argument for not owning said shares, as well as fiduciary duty to younger generations, will lead the new committee to the logical confusion....
There's no future in fossil fuels.